Reported 2 months ago
As the largest intergenerational wealth transfer in history unfolds, with Baby Boomers expected to pass down over $68 trillion, many families are inadequately prepared, according to Bank of America Private Bank's Michael Pelzar. Nearly half of wealthy families lack essential estate planning documents, such as wills and power of attorney, leading to potential complications in inheritance. Financial experts emphasize the importance of early planning and communication to ensure smooth transfers and avoid passing down issues to future generations.
Source: YAHOO